XRP Bouncing From $0.50, Ripple CEO Claims SEC Wants to “Create Havoc”

XRP is surprisingly firm at press time, looking at the formation in the daily chart. Even though the downtrend remains, at least considering the sell-off in early October, the bounce is massive for sentiment. According to a CMC poll, over 80% of XRP holders think the coin will recover steadily, rising above the immediate local resistance. Before then, prices need to pierce above $0.55 and $0.60. If sellers are unyielding and there is a turnaround from spot rates, a close below $0.50 could spell doom for optimistic holders.

After days of sideways movement, XRP edged higher yesterday, extending by 2% and pushing weekly gains by nearly 3%. Accompanying this uptick is more engagement, which saw the average daily trading volume rally to over $1.2 billion.

The following XRP and Ripple news developments could explain why sentiment is improving:

• Ripple, the blockchain firm, is diversifying. After releasing plans to launch an institutional stablecoin that runs on Ethereum and the XRP Ledger, they are now looking at banks. The company said it plans to launch a crypto custody service for banks.
• The United States SEC, Brad Garlinghouse claims, is unwilling to take the loss and move on—explaining their decision to appeal the recent ruling. In his view, the regulator, the Ripple CEO said, is only “interested in creating havoc.” The blockchain company said they were cross-appealing the regulator’s appeal to counter this.

XRP Price Analysis

XRP/USD is firm at press time.

The decision by Ripple to cross-appeal is boosting sentiment, supporting XRP as a result.

Although it is too early to call, sellers remain dominant despite the high optimism.

Therefore, as long as XRP is below $0.55, there may be entries for sellers targeting $0.50 and $0.40.

Any unexpected spike above $0.50 and even $0.60 over the weekend nullifies this bearish outlook.

In that event, Ripple prices will swing back bullish in alignment with buyers of Q3 2024.